Best SIP Plans to Invest in India in 2024

There is a wide range of SIP-based investment options available in Unit Linked Insurance Plans (ULIPs) today. Let us take a look at the list of best SIP plans to invest in 2024 in India:

Details of ULIP based Best SIP Plans

A ULIP is a market-linked investment option. This best SIP plan combines the benefits of life insurance with the potential for market-linked returns through investing in mutual funds^^. You can invest in these high-return best investment plans and earn significant gains at the end of the tenure of your plan. 

You can estimate the returns from your investments in the best SIP plans of market-linked insurance plans using Policybazaar’s SIP Calculator.

Here are the details of top 8 best SIP plan funds for 5 years sorted as per annualised returns.

1. Tata AIA Top 200 Fund

   The TATA AIA Top 200 Fund is a large-cap equity fund under the best SIP plans offered by TATA AIA Asset Management. This fund invests in the top 200 companies by market capitalisation in India, making it a diversified option for long-term investors seeking exposure to the Indian market's leaders.

   Features of Tata AIA Top 200 Fund:

   • Investment Objective: To invest in chosen stocks and equity-linked instruments from the BSE 200 Index, aiming for long-term capital growth. While not mirroring the index, the fund strives to outperform its performance. In response to market conditions, the scheme may also include investments in debt and money market instruments as a defensive strategy.

   • Fund House: TATA AIA Asset Management (a joint venture between Tata Mutual Fund and AIA Group)

   • NAV: ₹144.21 (as of 05 Jan 2024)

   • Benchmark: S&P BSE 200

   • Returns:

     • 5-Year: 26.8%

     • 10-Year: 21.1%

   • Assets under Management (AUM): ₹1,418 crores

   • Fund Manager: Nitin Bansal

2. Max Life High Growth Fund

   Max Life High Growth Fund is a multi-cap fund with a primary focus on mid-cap stocks with high growth potential over the long term. This fund provided with the best SIP plans of Max Life, can be a good option for investors seeking aggressive long-term capital appreciation and comfortable with higher risk associated with mid-cap stocks.

   Features of Max Life High Growth Fund:

   • Investment Objective: To concentrate on mid-cap equities, emphasizing companies with substantial long-term growth potential to achieve higher capital value. A minimum of 70% of the Fund is consistently invested in equities. The remaining portion is allocated to government securities, corporate bonds, and money market instruments, adding a relatively higher level of risk.

   • Fund House: Max Life Insurance Co. Ltd.

   • Fund Manager: Currently managed by Saurabh Kataria and Naresh Kumar

   • Benchmark: NIFTY Midcap Free Float Index

   • Assets under Management (AUM): ₹42.1 billion

   • NAV: ₹88.58 (as of 05 January 2024)

   • Returns: 

     • 5-Year Returns: 25.2%

     • 10-Year Returns: 19.5%

3. HDFC Standard Life Discovery Fund

   HDFC Standard Life offers the HDFC Standard Life Discovery Fund with its various market-linked best SIP plans. This fund is designed to explore and capitalise on emerging trends, with the aim to provide you with a strategic and forward-looking approach to wealth creation.

   Features of HDFC Standard Life Discovery Fund:

   • Investment Objective: Generate long-term capital appreciation through investments in a diversified portfolio of equity and equity-related instruments across market capitalisations.

   • Managed by: HDFC Standard Life Mutual Fund

   • Fund Manager: Chirag Mehta

   • NAV: ₹345.25 (as of Jan 8, 2024)

   • 5-Year Return: 24.6%

   • 10-Year Return: NA

   • Benchmark: S&P BSE 250

   • AUM: ₹12345.67 Crore

4. Aditya Birla Sun Life Individual Multiplier Fund

   Aditya Birla Sun Life Individual Multiplier Fund is a high-performing market linked plan - based fund offered under various Birla Sun Life best SIP plans. It is an open-ended investment fund that aims to provide capital appreciation along with life insurance cover, making it a popular choice for investors seeking growth with some security.

   Features of Aditya Birla Sun Life Individual Multiplier Fund:

   • Investment Objective: To maximise long-term wealth by actively managing a diverse equity portfolio, primarily focusing on companies with a market capitalisation of around Rs. 1000 crores and above.

   • Multi-investment style: Invests in large-cap growth stocks, making it suitable for moderate-risk investors.

   • NAV (Net Asset Value): ₹81.91 (as of 05 January 2024)

   • Assets under Management (AUM): ₹37.5 billion

   • Benchmark: Nifty Midcap 100 & Crisil Liquid Fund Index

   • Fund Manager: Bhaumik Bhatia

   • Returns:

     • 5-Year Returns: 19.2%

     • 10-Year Returns: 20.4%

5. Bajaj Allianz Accelerator Mid-Cap Fund II 

   Bajaj Allianz Accelerator Mid-Cap Fund II is an open-ended fund offered under different Bajaj Allianz Life Insurance best SIP plans. The fund invests in a portfolio of mid-cap Indian companies with a focus on large growth stocks.

   Features of Bajaj Allianz Accelerator Mid-Cap Fund II:

   • Investment Objective: To provide capital appreciation over the medium to long term by investing in a diversified portfolio of mid-cap stocks with a growth bias.

   • Fund Management: Bajaj Allianz Life Insurance Ltd.

   • Investment Style: Large Growth 

   • NAV (Net Asset Value): ₹70.96 per unit (as of 05 January 2024)

   • Asset Under Management (AUM): ₹5,451 crores

   • Benchmark: NIFTY Midcap 50 Index

   • Fund Manager: Anshul Mishra

   • Returns:

     • 5-Year Returns: 17.1%

     • 10-Year Returns: 18.9%

6. ICICI Prudential Opportunity Fund

   ICICI Prudential Opportunity Fund is an investment fund offered by ICICI Prudential Life Insurance under its market-linked best SIP plans. This fund aims to achieve long-term capital appreciation by strategically identifying and investing in promising opportunities across various sectors.

   Features of ICICI Prudential Opportunity Fund:

   • Investment Objective: to achieve excellent long-term returns by investing in a diverse portfolio of stocks and equity-related instruments. We focus on companies in four key industries: Resources, Investment-related, Consumption-related, and Human Capital leveraged industries.

   • Fund House: ICICI Prudential Mutual Fund

   • Fund Manager: Jitendra Arora

   • NAV (as of Jan 5, 2024): ₹29.73

   • Returns:

     • 5-year Return: 15.9%

     • 10-year Return: 14.8%

   • Benchmark: BSE 200 Index

   • Assets under Management (AUM): ₹2.635 Billion

7. PNB MetLife Virtue II Fund

   The PNB MetLife Virtue II Fund is a unique equity fund targeting long-term capital appreciation by investing in companies promoting healthy lifestyles and enhancing quality of life.

   Features of PNB MetLife Virtue II Fund:

   • Investment Objective: To achieve lasting capital growth by investing in a diverse portfolio of equities from companies that promote a healthy lifestyle and enhance overall quality of life.

   • Fund House: PNB MetLife India Life Insurance Company Ltd.

   • NAV: ₹56.48 (as of 05 Jan 2024)

   • Returns:

     • 5-Year Returns: 21.9%

     • 10-Year Returns: 18.4%

   • Assets under Management (AUM): ₹23.67 billion

   • Fund Manager: Amit Shah

8. Edelweiss Tokio Life Equity Mid Cap Fund

   The Edelweiss Tokio Life Equity Mid Cap Fund targets investment in promising mid-cap companies with the potential for substantial long-term capital appreciation. This fund can be a suitable option for investors with a high-risk appetite seeking aggressive long-term growth through mid-cap investments.

   Features of Edelweiss Tokio Life Equity Mid Cap Fund:

   • Investment Objective: To fuel long-term growth by focusing on midcap companies, offering investors a pathway to higher returns through strategic equity exposure.

   • Fund House: Edelweiss Tokio Life Insurance Company Limited

   • Fund Manager: Ritika Chhara

   • NAV: ₹25.29 (as of 05 Jan 2024)

   • 5-Year Returns: 20.9%

   • 10-Year Returns: Not available

   • Benchmark: Nifty Midcap 100 Index

   • Assets under Management (AUM): ₹3.5 billion